Announcement of Financial Results for. Den Danske Bank Group

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1 Announcement of Financial Results 1999 for Den Danske Bank Group

2 2 Den Danske Bank Group Highlights Core earnings and net profit for the year (DKr million) Net interest income, excluding income from investment portfolios 8,593 7,911 7,085 6,543 7,312 Fee and commission income (net) 3,749 2,984 2,443 2,035 1,694 Trading income ,048 Other core income Core insurance income Total core income 14,821 12,660 10,196 10,044 10,514 Operating expenses and depreciation 9,173 7,645 7,081 6,960 7,258 Core earnings before provisions 5,648 5,015 3,115 3,084 3,256 Provisions for bad and doubtful debts ,254 Core earnings 5,159 4,504 2,501 2,447 2,002 Profit on sale of subsidiaries ,132 Earnings from investment portfolios ,133 2,195 1,954 Profit on ordinary operations before tax 6,321 5,242 4,634 4,642 5,088 Tax 1,293 1, ,457 Net profit for the year 5,028 3,950 4,205 3,653 3,631 The division between core earnings and earnings from investment portfolios is based in part on estimates for the period from 1995 up to and including Balance Sheet Highlights at December 31 (DKr billion) Loans and advances Bonds and shares, etc Due to credit institutions and central banks Deposits Issued bonds Subordinated debt Shareholders' equity Total assets Ratios and key figures Net profit for the year per share, DKr Net profit for the year as % of average shareholders' equity Core earnings as % of average shareholders' equity Cost/core income ratio, % Solvency ratio, % Core (tier 1) capital ratio, % Dividend per share, DKr Share price at December 31, DKr Book value per share, DKr Number of full-time employees at December 31: Den Danske Bank and consolidated subsidiaries 12,397 11,691 11,365 11,111 11,514 Non-consolidated subsidiaries (insurance companies) 1,128 1,451 1,442 1,642 1,621

3 3 Den Danske Bank Group had a strong year in Earnings surpassed the level the Group had expected at the beginning of the year. Core earnings before provisions rose by 13% to DKr5,648m. Provisions for bad and doubtful debts remained low. After-tax profit was up by DKr1,078m to DKr5,028m. The return on equity increased to 16.5%. The Group reinforced its position on its Nordic home markets by acquisitions and organic growth. Moreover, non-core insurance operations were sold off, which contributed DKr703m in one-off income to profit. Although the Group invested heavily in expanding its activities in the Nordic financial markets, it had a core (tier 1) capital ratio of 7.4% at the end of the year. Den Danske Bank Group raised core income by DKr2,161m to DKr14,821m in Much of the improvement came from an increase in net interest and commission income of DKr1,447m and from higher trading income. Expenses in 1999 mirrored the continuing expansion of chosen business areas. Moreover, the Group incurred substantial IT costs as it continued to enhance information technology, including Internet services. Expenses rose by 20% to DKr9,173m. Expenses rose by 10% not counting the cost increases related to the acquisition of new operations, including Fokus Bank, which has been included in the Accounts since June 1, The total charge for bad and doubtful debts was virtually unchanged, at DKr489m for 1999, against DKr511m the year before. Provisioning needs remained modest because of the Bank s continuing efforts to maintain the high quality of its loan portfolio and because of generally favourable economic conditions. The international economy, in particular, proved in better shape than had been expected at the beginning of the year. Investment portfolios generated earnings of DKr459m for 1999, against DKr738m the year before. Den Danske Bank Group s total risk-weighted items amounted to DKr411bn at the end of 1999, up DKr21bn on a year earlier. Fokus Bank accounted for DKr30bn. Den Danske Bank spent a total of DKr5.6bn on acquiring financial services firms in 1999 as it continued to expand activities in its Nordic home markets. Of this amount, goodwill accounted for DKr3.6bn, which was written off against equity capital in accordance with Group accounting policies. At the year-end, the Group had a solvency ratio of 11.0%, of which core capital accounted for 7.4%, against 7.7% a year earlier. Hence, the core capital ratio was consistent with the Bank s long-term objective despite the substantial acquisitions made during the year. The Board of Directors is proposing a dividend of DKr25 per share. In 1998, the dividend payout was DKr18 per share. Subject to the approval of the Annual General Meeting, DKr3,705m will be allocated to shareholders equity, bringing equity capital to DKr30.5bn.

4 4 Expansion of business areas and sale of operations Den Danske Bank works continually to strengthen its position on the Nordic financial markets. Therefore, the Bank welcomed the permission granted by the Norwegian authorities on May 7 to take over Fokus Bank, Norway s fourth-largest bank. In June, the Group entered into an agreement to take over the Swedish mortgage finance company, Bokredit AB. This acquisition will support Den Danske Bank s activities on the Swedish residential mortgage finance market. Den Danske Bank significantly reinforced its position on the Danish credit and payment cards market in 1999, when it bought the franchising rights for the American Express card in Denmark. In November, the Bank sold its non-life insurance operation to Topdanmark, a Danish insurer. The sales proceeds of DKr1.3bn produced a net gain of DKr703m after providing for restructuring associated with the sale. It was agreed at the same time that the Bank would market non-life products on behalf of Topdanmark under the brand name of Danske Forsikring, for which it will charge a commission. Den Danske Bank s life and pensions activities will continue without any changes. The reasons for the sale were that Den Danske Bank does not consider non-life insurance a core activity and that quality and competitiveness in non-life insurance require operations of scale and market share beyond what the Bank could reasonably expect to attain. Therefore, the non-life business could not be expected to yield a satisfactory long-term return on allocated capital. After its expansion in recent years, Den Danske Bank Group now conducts business under a number of separate corporate identities, even when the Group s products are marketed to the same group of customers. As from the autumn of 2000, Den Danske Bank will adopt a unified identity for all its products on all markets. The unified corporate identity will be signalled by a new design and extensive use of the name Danske, which is what the Bank is called for short in the international financial markets. Consequently, a proposal to change Den Danske Bank s name into Danske Bank will be submitted for the approval of the Annual General Meeting of Shareholders. Some operations, such as Danica, Fokus Bank, Östgöta Enskilda and Provinsbanken, will retain their present names but their affiliation to the Group will be signalled by overall branding and the new design. The year 2000 Ahead of the turn from 1999 to 2000, financial market participants were uncertain about whether IT systems could cope with the millennium change. Den Danske Bank s IT and other systems completed the turn of the year without problems. Core earnings and earnings from investment portfolios Core earnings and net profit for the year (DKr m) Net interest income, excluding income from investment portfolios 8,593 7,911 Share dividends Fee and commission income (net) 3,749 2,984 Trading income Other operating income Core insurance income Total core income 14,821 12,660 Operating expenses and depreciation 9,173 7,645 Core earnings before provisions 5,648 5,015 Provisions for bad and doubtful debts Core earnings 5,159 4,504 Profit on sale of subsidiaries Earnings from investment portfolios Profit before tax 6,321 5,242 Tax 1,293 1,292 Net profit for the year 5,028 3,950 Core earnings are presented in the same way as in the Interim Report; core earnings hence include trading income, but exclude gains on investment portfolios. The table on page 13 provides an overview of core earnings, earnings from investment portfolios and the statu-

5 5 tory presentation of accounting figures in accordance with the guidelines of the Danish Financial Supervisory Authority. Group accounting policies are unchanged from previous years. Core earnings were influenced by the following trends: Net interest income rose by DKr682m to DKr8,593m. Fees and commissions grew by DKr765m to DKr3,749m. Trading income was up by DKr601m. Other operating income increased from DKr392m to DKr447m in In 1998, this item included DKr121m in one-off income relating to an exceptional refund of value-added tax. Core insurance income included DKr273m of income relating to changes in the method whereby taxes are allocated among jointlytaxed subsidiaries. Expenses rose by DKr1,528m to DKr9,173m. The cost/core income ratio increased from 60.4% to 61.9%. The charge for bad and doubtful debts, at DKr489m, was at a similar level to Fokus Bank s core earnings were DKr227m from June 1 to December 31 before accounting for the cost of funding the acquisition. Higher fee and commission income stemmed mainly from the expansion in the Nordic financial markets, which raised securities trading activity at Retail Banking. Moreover, the expansion of investment banking activities at Danske Securities brought a higher volume of equity trading with institutional clients. There was significant mortgage refinancing activity, particularly in the first half of the year. The increase in expenses and depreciation had been anticipated. The acquisition of Fokus Bank added DKr587m to costs. Moreover, higher costs were incurred from IT, expansion at Danske Securities and the enlargement of the Swedish operation. In addition, the cost of acquiring the franchising rights for the American Express card in Denmark was written off on acquisition. Expenses rose by 10% not counting the cost increases associated with new acquisitions. The Group s total IT costs were in the region of DKr1.8bn. The cost/core income ratio rose from 60.4% to 61.9%. The cost/core income ratio stayed in the 60% region not counting the acquisition of the franchising rights for the American Express card and costs associated with the creation of a unified corporate identity for the Group, a significant share of which was expensed in In 1999, Den Danske Bank continued to organise its activities into business areas around the needs of customers. The Group allocates its capital to the various business areas to be able to measure profitability. This is done on the basis of each area s average share in risk-weighted items, calculated according to the Capital Adequacy Executive Order issued by the Danish Financial Supervisory Authority. The table below specifies core earnings before provisions by business area: Core earnings before provisions (DKr m) Retail Banking 2,077 1,661 Wholesale Banking 2,178 2,217 Danske Securities Asset Management Life and Pensions Other areas Total Group 5,648 5,015 The charge for bad and doubtful debts remained low owing to the general economic conditions. Earnings from investment portfolios, which comprise the gains on the investment portfolios of the banking group and securities valuation adjustments at non-life companies, showed a decline from DKr738m in 1998 to DKr459m in The total interest rate risk of the Group increased in This meant that a one percentage point rise in interest rates across the yield curve would have caused a valuation loss of DKr1,135m at the end of 1999, against DKr941m a year earlier. The sale of the non-life insurance business produced a net gain of DKr703m after provision for restructuring.

6 6 Pre-tax profit rose from DKr5,242m to DKr6,321m. The tax charge of the Group, including the insurance business, totalled DKr1,293m, against DKr1,292m for The main reason why the realised tax rate, at 20%, was lower than the expected one of 32% was that net gains on the sale of a number of equity holdings, including Danica Forsikring, were not taxable. Net profit was DKr5,028m for 1999, against DKr3,950m for The table below shows the statutory presentation of accounts in accordance with the guidelines of the Danish Financial Supervisory Authority: Summary Profit and Loss Account (DKr m) Net interest income 9,738 8,512 Dividends from shares, etc Fee and commission income (net) 3,731 2,972 Net interest and fee income 13,664 11,659 Securities and foreign exchange income Other operating income 1, Operating expenses and depreciation 9,255 7,702 Other operating expenses 2 2 Provisions for bad and doubtful debts Income from associated and subsidiary undertakings 942 1,112 Profit before tax 6,321 5,242 Tax 1,293 1,292 Net profit for the year 5,028 3,950 Group balance sheet, solvency and equity The total assets of the consolidated Group were DKr701bn at the end of 1999, against DKr593bn a year earlier. Fokus Bank accounted for DKr39bn of Group assets at the 1999 year-end. The assets of the insurance companies, which are not consolidated in the Group accounts, amounted to DKr163bn. Hence, the Group held total assets worth DKr864bn. Loans and advances grew by DKr78bn to DKr381bn, while deposits rose by DKr52bn to DKr266bn. DKr34bn of the increase in loans and advances and DKr21bn of that in deposits could be attributed to the consolidation of Fokus Bank. Mortgage lending grew by DKr11bn. The shareholders equity of Den Danske Bank Group amounted to DKr30.5bn at the end of 1999, against DKr30.4bn a year earlier. The write-off of goodwill on acquisitions during the year reduced equity capital by DKr3.6bn. The Group s solvency ratio stood at 11.0% at the end of 1999, of which 7.4 percentage points came from core capital. At the end of 1998, the solvency ratio was 10.4% and the core capital ratio 7.7%. The acquisition of Fokus Bank cut the core capital ratio to the 5.9% region. Since then, the Group has increased its core capital ratio to the level mentioned above. The Group has mainly done so by way of current earnings and by reducing business volume at Corporate Banking. Moreover, Den Danske Bank Group has taken advantage of credit derivatives to transfer the credit risk inherent in a credit portfolio of DKr27bn to another bank, which reduced the related capital requirement to 20%. Subordinated debt rose from DKr16.7bn to DKr21.4bn. On May 10, 1999, Den Danske Bank raised 100m nominal value of supplementary capital by an issue of six-year notes. Transactions with related parties No related parties exercise significant influence over Den Danske Bank. Apart from intragroup restructuring at market prices, no unusual transactions took place with associated or subsidiary undertakings in Outlook for 2000 The Group expects the international economic climate to be generally favourable in 2000 although it is uncertain whether the buoyant American economy will begin to run out of steam. The economic recovery in Europe is forecast to gather further momentum. On its Nordic home markets, the Group expects strong economic growth in Sweden and if oil prices remain high also in Norway. In Denmark, the slowdown that hit the domestic economy in the second half of 1999 may make itself felt also in 2000.

7 7 Core income is expected to show continued improvement. Fokus Bank will be included for a full year in the 2000 Accounts, against seven months in Nonetheless, expenses and depreciation are forecast to rise only slightly from Hence, the cost/core income ratio should decline from its 1999 level of 61.9%. The Group expects the charge for bad and doubtful debts to be at a similar level to Against this background, core earnings are forecast to exceed their 1999 level of DKr5,159m. The ratio of core earnings to equity capital is expected to go up. The Group will continue its efforts to optimise capital allocation. Earnings from investment portfolios in 2000 will, as usual, depend significantly on the level of securities prices at the year-end. The Group expects its tax charge for 2000 to increase to a level equal to the Danish corporation tax rate. The Group will publish quarterly financial reports as from the first quarter of Financial data are expected to be released on the following dates: Quarterly Report, First Quarter, May 11, 2000 Half-Year Report, August 17, 2000 Quarterly Report, Third Quarter, November 16, 2000 Annual General Meeting The Bank s Annual General Meeting will be held at 2pm on March 28, 2000, at the Bella Center, 5 Center Boulevard, Copenhagen. The Board of Directors is proposing that Den Danske Bank should change its name into Danske Bank A/S. Copenhagen, February 24, 2000 This Annoucement and Den Danske Bank s 1999 Annual Report are available on the Internet at The English version of the printed Annual Report is expected to be available on March 10, 2000

8 8 Profit and Loss Account for Den Danske Bank Group DEN DANSKE BANK GROUP DKr m DKr m Interest income 34,594 32,883 Interest expense 24,856 24,371 Net interest income 9,738 8,512 Dividends from shares, etc Fee and commission income 4,369 3,454 Fees and commissions paid Net interest and fee income 13,664 11,659 Securities and foreign exchange income Other operating income 1, Staff costs and administrative expenses 8,566 7,167 Depreciation Other operating expenses 2 2 Provisions for bad and doubtful debts Income from associated and subsidiary undertakings 942 1,112 Profit on ordinary operations before tax 6,321 5,242 Tax 1,293 1,292 Net profit for the year 5,028 3,950 Attributable to minority interests 43-1 Attributable to shareholders of Den Danske Bank 4,985 3,951

9 9 Balance Sheet for Den Danske Bank Group DEN DANSKE BANK GROUP DKr m DKr m ASSETS Cash in hand and demand deposits with central banks 5,498 2,788 Due from credit institutions and deposits with central banks 88,499 64,738 Loans and advances 380, ,132 Bonds 134, ,149 Shares, etc. 12,773 10,673 Holdings in associated undertakings, etc Holdings in subsidiary undertakings 7,934 9,509 Tangible assets 4,293 4,179 Own shares Other assets 65,867 67,283 Prepayments and accrued income Total assets 701, ,835 LIABILITIES Due to credit institutions and central banks 157, ,383 Deposits 266, ,560 Issued bonds 149, ,473 Other liabilities 75,213 82,964 Accruals and deferred income Provisions for obligations 494 1,126 Subordinated debt 21,413 16,654 Shareholders' equity Share capital 5,293 5,293 Revaluation reserve Reserves - - Brought forward from prior years 21,492 22,023 Appropriated from net profit for the year 3,705 2,998 Total shareholders' equity 30,542 30,366 Attributable to minority interests Attributable to shareholders of Den Danske Bank 30,412 30,312 Total liabilities 701, ,835 OFF-BALANCE-SHEET ITEMS Guarantees, etc. 69,069 58,218 Other commitments 93,330 93,970 Total off-balance-sheet items 162, ,188

10 10 Movements in capital Movements in the capital of Den Danske Bank in 1999 Beginning Other Other End of (DKr m) of year additions disposals year Share capital 5, ,293 Revaluation reserve Non-distributable reserve relating to subsidiaries 1,090-1,090 - Profit brought forward 23,877 4,752 3,562 25,067 Total shareholders' equity 30,312 4,752 4,652 30,412 Shareholders' equity The share capital is made up of 52,925,000 shares, totalling DKr5,293m. All shares carry the same rights. Consequently, there is only one class of shares Movementes in Den Danske Bank Group's shareholders' equity DKr m DKr m Shareholders' equity at January 1 30,312 27,524 Net profit for the year 4,985 3,951 Dividends 1, Goodwill fully written off at the time of acquisition 3, Shareholders' equity, Den Danske Bank, at December 31 30,412 30,312 Minority interests at January Foreign exchange revaluation 3 - Net profit for the year 43-1 Addition of minority interests Redemption of minority interests 44 - Minority interests at December Shareholders' equity, Den Danske Bank Group, at December 31 30,542 30,366

11 11 Solvency DEN DANSKE BANK GROUP DKr m DKr m Capital base and solvency ratio Capital base Core capital, less statutory deduction for own shares 30,252 30,078 Eligible subordinated debt and revaluation reserve 20,341 16,040 Statutory deduction for insurance subsidiaries -5,374-5,313 Other statutory deductions Supplementary capital, less statutory deductions 14,867 10,627 Total capital base, less statutory deductions 45,119 40,705 Weighted items outside trading portfolio 364, ,796 Weighted items with market risk included in trading portfolio 46,819 54,736 Total weighted items 411, ,532 Solvency ratio (%) based on core (tier 1) capital alone (%) The solvency ratio is subject to a statutory minimum requirement of (%) The solvency ratio is calculated in accordance with the rules on capital adequacy for banks and certain credit institutions. The rules also stipulate that the Group's insurance subsidiaries are not to be consolidated into the Group accounts. Hence, the solvency margin of these companies is deducted from the Bank's capital base before the capital base is included in the calculation of the Group's solvency ratio. The consequent reduction in the solvency ratio is 1.3 percentage points for 1999, and it was 1.4 percentage points at the end of 1998.

12 12 Cash flow statement DEN DANSKE BANK GROUP DKr m DKr m Net profit for the year 5,028 3,950 Adjustment for non-cash items in the Profit and Loss Account -13 1,242 Net profit for the year adjusted for non-cash items in the Profit and Loss Account 5,015 5,192 Increase/decrease in working capital Loans and advances and amounts due from credit institutions -51,135-26,368 Deposits and amounts due to credit institutions 51,273-9,768 Mortgage bonds and other bonds issued 42,177 28,870 Other working capital -8,124-6,337 Total 34,191-13,603 Cash flow from operations 39,206-8,411 Cash flow from investing activities Financial fixed assets 1, Acquisition of business -5, Sale of business 1,325 - Tangible assets Total -3, Cash flow from financing Subordinated debt 3,153-1,736 Dividends Total 2,200-2,689 Cash and cash equivalents, beginning of year 123, ,942 Cash and cash equivalents of business acquired 1, Increase/decrease in cash and cash equivalents 37,808-11,948 Cash and cash equivalents, end of year 162, ,131

13 13 Core earnings and earnings from investment portfolios of Den Danske Bank Group and the statutory presentation of accounts Earnings from Earnings from Core Profit investment Core investment (DKr m) earnings on sale 1) portfolios Total * earnings portfolios Total * Net interest income 8,593 1,145 9,738 7, ,512 Dividends from shares, etc Fee and commission income 3, ,731 2, ,972 Net interest and fee income 12,432 1,232 13,664 10, ,659 Securities and foreign exchange income Other operating income , Staff costs and administrative expenses 8, ,566 7, ,167 Depreciation Other operating expenses Provisions for bad and doubtful debts Income from associated and subsidiary undertakings ,112 Profit before tax 5, ,321 4, ,242 * The statutory presentation of accounts of the Danish Financial Supervisory Authority 1) Profit on sale of subsidiary undertakings Core earnings comprise the result of customer-related activities, including the trading portfolio and life and non-life insurance business. Earnings from investment portfolios comprise the profits on the investment portfolios of the banking group and the non-life business. Shareholders' equity is allocated to core earnings and earnings from investment portfolios in proportion to their capital requirement.

14 14 The Group s business areas In 1999, Den Danske Bank continued to organise its activities into business areas around the needs of customers. Retail Banking provides services to personal customers and small and medium-sized business customers served by the Nordic branch network. Retail Banking offers a range of standardised and competitive financial products of high quality. This business area encompasses the Group s leasing and factoring operations. Wholesale Banking serves the Group s large corporate and institutional clients. This division is responsible for the Group s global trading activities on interest rate and foreign exchange markets. Danske Securities, the Group s investment banking division, is responsible for corporate finance activities and the sales and trading of equities and equity-related products. Danske Securities is active on four Nordic stock exchanges. Asset Management provides investment portfolio services to institutional clients and other large investors, primarily in the Nordic region. Moreover, Asset Management provides private banking services and unit trust products in the Nordic and other European markets. Life and Pensions services are provided by Danica, which targets personal and business customers and also markets its products through Retail Banking s outlets. The Group allocates its capital to the various business areas to be able to measure profitability. This is done on the basis of each area s average share in risk-weighted items, calculated according to the Capital Adequacy Executive Order issued by the Danish Financial Supervisory Authority. The table shows financial highlights for the five business areas. Transactions among the business areas are settled at market prices. The costs of support functions are allocated to the individual business areas according to an assessment based on their proportionate share in the Group s activities. (DKr m) Retail Banking 2,077 1,661 Wholesale Banking 2,178 2,217 Danske Securities Asset Management Life and Pensions Other areas Total core earnings 5,648 5,015 The breakdown of comparative figures for 1998 is based in part on estimates Core earnings before provisions

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